Robert Hayes Hoffman of Greenwood, Indiana, a registered representative formerly employed with Woodbury Financial Services, Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with a FINRA investigation into allegations of his private securities transactions, excessive and unauthorized trading, and unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2017053596501 (Nov. 16, 2017).
According to the AWC, FINRA reached out to Hoffman on October 13, 2017, seeking his testimony in regard to a customer initiated investment related complaint which alleged that Hoffman sold away from his firm, effected trades excessively and without authorization, and poorly advised the customer about investments. Apparently, Hoffman’s counsel contacted FINRA personnel on October 17, 2017, indicating that Hoffman understood what FINRA asked of him and confirmed that Hoffman would at no point be cooperating. FINRA found Hoffman’s failure to appear for recorded testimony to be conduct violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Hoffman is the subject of two customer disputes containing allegations of Hoffman’s misconduct while employed with Woodbury Financial Services. Particularly, on September 22, 2015, a written complaint regarding Hoffman’s activities was resolved for $47,574.63 in damages supported by accusations that Hoffman effected purchases of annuities that were not suitable and which created unnecessary tax consequences for the customer.
Thereafter, a customer filed an investment related arbitration claim involving Hoffman’s conduct, in which the customer requested $3,200,000.00 in damages founded on allegations of selling away, churning, unauthorized trading, and suitability with regard to the customer’s real estate security, variable annuity and mutual fund transactions. FINRA Arbitration No. 17-00857 (Apr. 17, 2017).
Hoffman’s registration with Woodbury Financial Services, Inc. has been terminated as of March 16, 2017. He was later employed by Thurston, Springer, Miller, Herd & Titak, Inc. from April 17, 2017 to May 24, 2017.
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